What: Globus is not doing bad, but is in danger following Signa’s bankrupcy.

Why it is important: More than the health of the company, its obscure relationship with Signa could be the kiss of death for Globus.

The Swiss company Signa Retail Selection AG, co-owner of the luxury department stores Globus, has been granted a provisional debt restructuring moratorium by a Zurich court.

The moratorium, managed by provisional administrator Eugen Fritschi from the law firm Bühlmann & Fritschi, will last four months, ending on April 5, 2024. This step aims to keep Signa Retail Selection AG independent from the insolvency proceedings initiated against its Austrian parent company, Signa.

Since being sold by Migros four years ago, Globus is 50% owned by Signa Retail Selection, with the remaining share held by Thailand's Central Group. Globus has restructured to focus more on the luxury sector, which is less impacted by retail industry challenges. The Swiss brand currently consists of nine stores, employing 1,700 staff and 1,400 people working for various brands in the department store, including Louis Vuitton and Moncler.

Globus has bought some time in the Signa procedure